1186 Walnut Bottom Rd
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1186 Walnut Bottom Rd
23,584 SF Retail Building Carlisle, PA 17015 $5,190,293 CAD ($220 CAD/SF)
Investment Highlights
- Excellent Investment opportunity for a NNN leased retail center anchored by Planet Fitness and UPMC Surgical Associates.
- Value-Add opportunity with rent increases & leasing remaining vacancies including a suite that UPMC has rights to expand into.
- UPMC executed new 4 year lease that commences Q2 2023 and has annual $0.50/PSF rent increases.
- Excellent location on Walnut Bottom Rd adjacent to UPMC Carlisle Hospital Campus & new mixed-use Town Center development which is already underway.
- Planet Fitness executed new 5 year extension in 2022 confirming strength of location performance, lease includes 10% rent increases at renewals.
- Catalyst Site in the Township's Walnut Bottom Corridor Master Plan which is focused on sustainable growth with a mixed-use Town Center featuring a new
Executive Summary
Landmark is pleased to present a rare opportunity to acquire a NNN leased retail center in
Carlisle, PA. The tenants include Planet Fitness and UPMC Central PA Surgical
Associates. The 24,584 SF retail center is a condo pad site in Walnut Bottom Towne
Center which is located along the nationally recognized Interstate I-81 corridor. Planet
Fitness recently completed a tenant-funded renovation of their +/- 18,000 SF fitness center
and executed a new five (5) year extension in 2022 which confirms the strength of this
locations performance. In addition, UPMC recently executed a new four (4) year lease that
commences Q2 2023 for their 3,500 SF space which includes the right of first option to
expand into the adjacent 2,252 SF vacant space.
Planet Fitness, which has occupied the property since 2009, has 5 years of firm term
remaining with an additional lease renewal option taking the expiration out until 2033.
Founded in 1992, Planet Fitness (NYSE: PLNT) headquartered in Dover, NH is one of the
largest and fastest growing franchisors and operators of fitness centers in the United
States with over 10 million members and 2,039 locations in the United States, Canada,
Dominican Republic, Panama, Mexico, and Australia. For more information visit
www.planetfitness.com. The national franchisee operator of this location, National
Fitness Partners (NFP), operates more than 105 clubs in Pennsylvania, Delaware, North
Carolina, South Carolina, West Virginia, Virginia, Maryland, Washington DC, & Ohio, and has
their headquarters in a neighboring Cumberland County submarket. NFP is backed by
Argonne Capital, a private equity firm in Atlanta, GA.
UPMC Central Pennsylvania Surgical Associates is a part of the University of Pittsburgh
Schools of the Heath Sciences (UPMC). UPMC is a $24 billion world-renowned health
care provider and insurer that is based in Pittsburgh, PA. They are the largest nongovernment
employer in Pennsylvania and has over 92,000 staff members and 840
academic, community, hospital, specialty, and office locations. The subject property is
strategically located adjacent to the UPMC Carlisle Hospital Campus which offers strong
synergy for the tenants' practice.
Carlisle, PA. The tenants include Planet Fitness and UPMC Central PA Surgical
Associates. The 24,584 SF retail center is a condo pad site in Walnut Bottom Towne
Center which is located along the nationally recognized Interstate I-81 corridor. Planet
Fitness recently completed a tenant-funded renovation of their +/- 18,000 SF fitness center
and executed a new five (5) year extension in 2022 which confirms the strength of this
locations performance. In addition, UPMC recently executed a new four (4) year lease that
commences Q2 2023 for their 3,500 SF space which includes the right of first option to
expand into the adjacent 2,252 SF vacant space.
Planet Fitness, which has occupied the property since 2009, has 5 years of firm term
remaining with an additional lease renewal option taking the expiration out until 2033.
Founded in 1992, Planet Fitness (NYSE: PLNT) headquartered in Dover, NH is one of the
largest and fastest growing franchisors and operators of fitness centers in the United
States with over 10 million members and 2,039 locations in the United States, Canada,
Dominican Republic, Panama, Mexico, and Australia. For more information visit
www.planetfitness.com. The national franchisee operator of this location, National
Fitness Partners (NFP), operates more than 105 clubs in Pennsylvania, Delaware, North
Carolina, South Carolina, West Virginia, Virginia, Maryland, Washington DC, & Ohio, and has
their headquarters in a neighboring Cumberland County submarket. NFP is backed by
Argonne Capital, a private equity firm in Atlanta, GA.
UPMC Central Pennsylvania Surgical Associates is a part of the University of Pittsburgh
Schools of the Heath Sciences (UPMC). UPMC is a $24 billion world-renowned health
care provider and insurer that is based in Pittsburgh, PA. They are the largest nongovernment
employer in Pennsylvania and has over 92,000 staff members and 840
academic, community, hospital, specialty, and office locations. The subject property is
strategically located adjacent to the UPMC Carlisle Hospital Campus which offers strong
synergy for the tenants' practice.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
23,584 SF
Building Class
B
Year Built/Renovated
1997/2015
Price
$5,190,293 CAD
Price Per SF
$220 CAD
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.77
Land Acres
0.70 AC
Zoning
Commercial General
Parking
125 Spaces (5.3 Spaces per 1,000 SF Leased)
Frontage
143 ft on Walnut Bottom Rd
Amenities
- Pylon Sign
- Signage
- Air Conditioning
PROPERTY TAXES
| Parcel Number | 40-23-0604-022-U2 | Improvements Assessment | $3,240,322 CAD |
| Land Assessment | $0 CAD | Total Assessment | $3,240,322 CAD |
PROPERTY TAXES
Parcel Number
40-23-0604-022-U2
Land Assessment
$0 CAD
Improvements Assessment
$3,240,322 CAD
Total Assessment
$3,240,322 CAD
-
Power Broker W. Jason Grace -
Justin Shoemaker -
Sean Fitzsimmons -
Trey Brakefield -
Landmark Commercial Realty
(717) 731-1990
x3011
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